Gold declaration soars to 208,757 ounces in first half of 2025

Guyana’s non-oil economy recorded strong growth in the first half of 2025, buoyed by soaring gold prices, a surge in bauxite production, and robust performances across the manufacturing, services, and construction sectors.

According to the Ministry of Finance’s Mid-Year Report 2025, non-oil export earnings increased by 12.5 percent to US$919.7 million, supported primarily by gains in gold and bauxite exports which expanded by US$147.5 million and US$31.1 million, respectively.

The bauxite mining subsector recorded an impressive 133.1 percent expansion, with total production reaching 1.7 million tonnes during the first six months of the year.

Meanwhile, the gold mining subsector grew by 10.9 percent with higher declarations from both the single large producer and small-and medium-scale miners.

Total gold declarations rose to 208,757 troy ounces, compared with 188,160 ounces during the same period last year. The increase was driven by record global gold prices, averaging US$3,077.9 per troy ounce, as the metal’s appeal as a safe-haven asset remained strong amid global economic uncertainty.

“The price of aluminium is expected to rise by 6.7 percent, to an average of US$2,580 per metric tonne, and gold prices are projected to come in 42.4 percent above 2024, to average US$3,400 per troy ounce this year, over 45 percent above the forecast at the beginning of the year,” the Report noted.

“Prices of metals were higher in the first half of this year when compared with 2024. Aluminium prices rose by 7.5 percent over the first half of 2024, averaging US$2,539.3 per metric tonne, largely driven by frontloaded demand. With respect to gold, prices reached record highs in the first half of this year, boosting the bullion’s appeal as a safe haven asset amid elevated policy uncertainty, financial volatility, and ongoing trade tensions. Gold prices grew by 39.6 percent when compared with the first half of last year, to average US$3,077.9 per troy ounce in the first half of this year, surpassing the US$3,000 mark for the first time in history in mid-March.”

Meanwhile, manganese production climbed 31.4 percent to 165,381 tonnes, while sand and stone output rose by 8.1 percent and 95.5 percent, respectively. Overall, the other mining and quarrying subsector, which includes sand, stone, diamonds, and manganese, expanded by 24.2 percent. This growth was fueled by continued construction activity nationwide.

The mining and quarrying sector is estimated to have expanded by 5.9 percent, driven by increased output across all subsectors – bauxite, gold, other mining, and oil and gas.

The report attributes the increase in the bauxite sector to ramped-up production of metallurgical-grade (MAZ) bauxite by the larger of the two major producers, whose output jumped from 145,335 tonnes in the first half of 2024 to over 1.6 million tonnes this year. Despite some challenges caused by heavy rainfall, the subsector’s outlook remains positive, with full-year growth projected at nearly 66 percent.

Beyond mining, Guyana’s manufacturing sector also delivered strong results, expanding by 26.8 percent in the first half of 2025. Growth was broad-based across subsectors, led by higher output of non-metallic products, plastics, pharmaceuticals, rice, and sugar.

“The expansion in the manufacturing sector was supported primarily by lending for other manufacturing and other construction and engineering increasing by 76.9 percent and 8.9 percent, respectively,” the Report noted.

The services sector continued to demonstrate resilience, recording growth of 6.6 percent. The expansion was supported by wholesale and retail trade, financial and insurance activities, administrative and support services, professional and technical services, and information and communication — all benefitting from the wider boom in construction and oil-related services. The services sector is now projected to grow by 8.6 percent this year.

“The expansion in administrative and support services was mainly driven by higher demand for security services. Growth in professional, scientific and technical services primarily reflects continued expansion in construction activities and support services for the oil and gas economy that demand engineering, architectural, legal, and accounting services,” the Report noted.

Complementing these gains, the construction sector expanded by 29.9 percent in the first half of the year. This was driven by the Government’s Public Sector Investment Programme (PSIP) and strong private-sector investments across multiple industries.

“With large-scale infrastructural projects progressing, full-year growth for the sector is now projected at 26.2 percent,” the Report said.

Overall, the first half of 2025 reflected broad-based, non-oil growth across Guyana’s economy, powered by the mining, manufacturing, services, and construction sectors, underscoring the country’s ongoing diversification efforts amid a dynamic global economic environment.